No-Moat Worley’s 1H18 Profit a Bit Shy of our Target but Trend Supports Retention of our Thesis
We make no change to our AUD 6.30 fair value estimate for no-moat WorleyParsons. The company’s 104% increase in underlying first-half fiscal 2018 NPAT to AUD 78 million was below our AUD 89 million expectations. But the trend is regardless favourable and our long-term thesis for improving earnings, as energy reinvestment kick-starts, is intact. Underlying NPAT excludes AUD 77 million in post-tax restructuring, acquisition, onerous lease and deferred tax charges which crimp the statutory result t...
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